Solana (HSDT) Research & Development (2016 - 2025)
Solana (HSDT) posted Research & Development of $886,000 for Q4 2025, down 4.1% from $924,000 a year earlier but up 3.3% from the prior quarter.
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Analysis
Solana (HSDT) Research & Development (2016 - 2025) Analysis & Trends
For FY2025, Solana's Research & Development came in at $3.51 million, down 4.0% from FY2024.
- Annual Research & Development shows a five-year compound annual growth rate of -5.2% (FY2020 to FY2025).
- In prior years, Solana's Research & Development was $3.66 million in FY2024 (+24.4%), $2.94 million in FY2023 (-31.0%), $4.26 million in FY2022 (-28.8%) and $5.99 million in FY2021 (+30.7%).
- Quarterly Research & Development has run from a low of $650,000 in Q4 2023 to a high of $1.81 million in Q4 2021 over five years.
- On a year-over-year basis, Research & Development has declined in each of the last three quarters, with growth averaging 12.2% over the last eight quarters.
- The strongest year-over-year quarter for Research & Development in the past five years was Q4 2021, with growth of 118.6%; the weakest was Q4 2022, with a decline of 56.1%.
- According to Business Quant data, Research & Development for the three prior quarters was $858,000 (Q3 2025), $822,000 (Q2 2025) and $945,000 (Q1 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Robinhood Markets | 104.70 Bn | 85.79 Bn | - | 256.00 Mn |
| 2 | Bank of New York Mellon | 100.72 Bn | 40.09 Bn | - | - |
| 3 | Cme | 94.58 Bn | 94.58 Bn | - | - |
| 4 | Intercontinental Exchange | 85.83 Bn | 79.63 Bn | - | - |
| 5 | Nasdaq | 52.05 Bn | 49.49 Bn | 1.50 Bn | - |
| 6 | State Street | 49.39 Bn | 49.39 Bn | - | - |
| 7 | Interactive Brokers | 39.24 Bn | 32.69 Bn | - | - |
| 8 | Northern Trust | 31.94 Bn | 31.94 Bn | - | - |
| 9 | Cboe Global Markets | 26.47 Bn | 18.13 Bn | 731.60 Mn | - |
| 10 | Solana | 226.51 Mn | 87.08 Mn | 2.45 Mn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 886,000.00 |
| Sep 30, 2025 | 858,000.00 |
| Jun 30, 2025 | 822,000.00 |
| Mar 31, 2025 | 945,000.00 |
| Dec 31, 2024 | 924,000.00 |
| Sep 30, 2024 | 1.08 Mn |
| Jun 30, 2024 | 870,000.00 |
| Mar 31, 2024 | 788,000.00 |
| Dec 31, 2023 | 650,000.00 |
| Sep 30, 2023 | 722,000.00 |
| Jun 30, 2023 | 684,000.00 |
| Mar 31, 2023 | 886,000.00 |
| Dec 31, 2022 | 794,000.00 |
| Sep 30, 2022 | 751,000.00 |
| Jun 30, 2022 | 953,000.00 |
| Mar 31, 2022 | 1.76 Mn |
| Dec 31, 2021 | 1.81 Mn |
| Sep 30, 2021 | 1.49 Mn |
| Jun 30, 2021 | 1.38 Mn |
| Mar 31, 2021 | 1.32 Mn |
API Access
Solana Research & Development API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=research-and-development&ticker=HSDT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "ticker": "HSDT", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=research-and-development&ticker=HSDT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();